Shares of two-wheeler makers rose by 3% to 5% after finance minister Nirmala Sitharaman suggested rate revision as the category is neither a luxury nor sin good.
TVS Motor Company (up 5.82%), Hero Motocorp (up 4.56%) and Bajaj Auto (up 3.88%) advanced.
Meanwhile, the S&P BSE Sensex shed 7.43 points or 0.02% to 38,836.45.
Finance minister Nirmala Sitharaman on Tuesday said the Goods and Services Tax (GST) Council will take up an industry proposal to reduce the tax on two-wheelers as it is neither a luxury nor a demerit good.
Sitharaman was addressing the captains of the Indian Industry at a Confederation of Indian Industry (CII) virtual platform on Tuesday, 25 August 2020.
The statement comes ahead of a Council meeting on 19 September 2020. Two wheelers attract 28% GST.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app